| Before
you enroll:
What you need to know 
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Eligibility
Minimum check amount
Changes in your elections
Forfeiting Funds
Reimbursement
Transferring funds between accounts Eligibility
Participation in FSA Plans typically begins on the first
day of a specific month, as determined by your employer
(January 1, July 1, etc.). Please contact your Human Resources
department to see which date applies to you. Current employee
election forms must be received prior to the date of participation
for the plan year to follow. If you are a new employee,
contact your Human Resources department for your eligibility
date. Deductions begin the first pay period after an enrollment
form has been received. All employees working full time are
eligible to participate. Minimum
check amount
The minimum check amount is $25.00, with the exception
of end-of-year claims, which are processed for 90 days
after the end of the plan year.(top
of page) Changes
in your elections
Once you have enrolled in an FSA, you may not make any
changes to your election, unless you have a change in
family status, such as: • Marriage
• Divorce
• Birth or adoption
• Involuntary loss of spouse’s medical or
dental coverage
• Change in your spouse’s employment status
• Death of a dependent (child or spouse)
• Unpaid FMLA or Non-FMLA leave
• Change in dependent care providers Should one of the above occur during the
plan year, you may be able to change or revoke your current
election. The change in election must be consistent with
the change in status that has occurred. You must contact
your Plan Administrator within 30 days of the change in
status.(top of
page) Forfeiting
funds
Any money you do not use from an FSA for expenses incurred
during a plan year will be forfeited. This is governed
under the IRS’s “use-it-or-lose-it”
rule. To avoid this, you should plan carefully. You have a 90 day grace period to submit
all your claims for expenses incurred during the prior
plan year.(top
of page) Reimbursement
schedule
Claims are typically paid on a bi-monthly or monthly
basis. Please contact your plan administrator to see
which schedule applies to you. Transferring
funds between accounts
IRS regulations do not allow money to be transferred between
reimbursement accounts. You cannot transfer funds from
Healthcare to Dependent Care Accounts or vice versa.(top
of page)
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fsacard@abg-ma.com |
